Market falls on Greek referendum

THE ISEQ index dropped sharply by 4.27% yesterday, a fall of 116.47 points to close at 2,608.19, in line with European and world bourses.

Markets slumped after a shock announcement from Greece’s Prime Minister, George Papandreou, that a referendum will be held on Greece’s second bailout deal. Investors were nervous throughout the day, and sold off riskier stocks in favour of safer havens.

In the financial sector, AIB slipped 0.8c to 9.2c. Bank of Ireland lost 1c to 9.4c. Irish Life & Permanent gave up 0.3c to 3c, while FBD shed 19.9c to €6.25.